If you’ve been contemplating selling your house, here’s some encouraging news: while the housing market may not be as frenzied as it was during the peak years when homes were flying off the shelves, they’re still moving at an accelerated pace compared to historical norms.
Utilizing data from Realtor.com, the graph below illustrates the median days on the market for every January from 2017 up to the most recent available figures. Days on the market, as defined by Realtor.com, represent the duration from a house being listed for sale until its closing date or removal from the market. This metric provides insight into the speed of home sales relative to typical market conditions:
When examining the latest data (depicted in green), it’s evident that homes are selling quicker than usual (as indicated by the blue bars). Remarkably, the current pace of sales is only surpassed by the extraordinary ‘unicorn’ years (represented in pink). According to Realtor.com:
“Homes spent 69 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.”
What Does This Imply for Sellers? With homes selling faster than the seasonal average, there’s a strong likelihood that your house could attract swift interest from buyers. This heightened pace can be attributed to increased buyer activity following the reduction in mortgage rates, coupled with a persistent shortage of available homes. Mike Simonsen, Founder of Altos Research, notes:
“. . . 2024 is starting stronger than last year. And demand is increasing each week.”
In Conclusion If you’re contemplating listing your home, the latest market data suggests that now could be an opportune time to do so. The housing market is exhibiting robust performance relative to typical seasonal trends. To stay informed about developments specific to your local market, consider reaching out to a knowledgeable real estate agent for personalized insights and guidance.
Graph Resource: Realtor.com
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